Velazquez Eyes HUD Foreclosures As Affordable Housing Source

Legislation aimed at increasing the availability of affordable housing in New York City by making it easier for local governments to purchase buildings owned by the federal Department of Housing and Urban Development (HUD) has been introduced by Congressmember Nydia Velazquez (D- Queens/Brooklyn/Manhattan).

The veteran lawmaker pointed out that the number of apartments in the city that are affordable to households earning about $32,000 a year has dropped by 205,000, or 80 percent, in just three years.

"With existing housing exceedingly expensive and limited in New York City, it is critical that affordable structures are not allowed to simply slip away," Velazquez stated.

The HUD-owned buildings targeted by Velazquez in her legislation are those slated for foreclosure, she explained. Allowing local governments to purchase these would preserve affordable housing opportunities for low-income families in New York City and across the nation, Velazquez said.

She also explained that her legislation, which was developed in conjunction with local housing organizations, would clarify housing law to ensure that properties are more accurately appraised, requiring HUD to take into account the cost of repairs and current affordability requirements. Failing to do so, she said, dramatically hinders the ability of local governments and subsequent housing preservation developers to maintain their cities' stock of affordable housing.

Velazquez did not state how many dwellings slated for foreclosure by HUD are available.

Pointing out the serious lack of affordable housing in her Queens/Manhattan/Brooklyn district and the city as a whole, the veteran Democrat declared: "Far too many of our residents are finding it virtually impossible to access affordable housing here in New York City.

"Yet time and again, the Bush administration hinders preservation efforts, in this case by making it more difficult for local governments to purchase HUD properties. That is why this legislation is critical today- it is a step toward restoring the power of local governments in ensuring our families and residents are able to access affordable housing."

Her Pathway to Preservation Act, she said would create the conditions for local governments to have the resources available to safeguard residents living in reasonably priced apartments, providing tenants with a sense of security that they would be able to stay put with their families.

Velazquez concluded, "In order to ensure our city's residents have access to affordable housing, it is critical that local governments have every opportunity to preserve those properties that are already affordable. This is the first of many steps I will take in the 110th Congress to combat our city's growing housing crisis."